Microsoft posted record Q4 results, with revenue of $90B and operating income up 18%, while Azure’s annual revenue topped $100B after 41% growth. Commercial remaining performance obligations jumped 84% to $678B, highlighting strong contracted demand and weakening concerns that AI investment is driven by “circular money.” The company guided for 45% constant-currency Azure growth in Q1’27. Free cash flow fell 23% as capital spending accelerated, but the backlog data supports the business case for continued AI infrastructure investment.

AI-focused hedge fund Situational Awareness has rapidly offloaded much of its roughly $16B public equity portfolio after heavy losses tied to concentrated AI-related positions. The fund returned 439% from the start of the year through the end of June and has more than $20B in assets under management. It is expected to keep operating and still holds significant private-company investments, including an Anthropic stake valued at about $5B. Shares of Sandisk, Nebius, CoreWeave and Micron all jumped on the day, a move described as a technical rebound rather than an improvement in fundamentals.

Broadcom (AVGO) posted record fiscal 2024 Q2 results, including more than $30 billion in new AI orders and a 3x book-to-bill ratio. AI-related revenue accelerated, and the company maintained its $100B fiscal 2027 AI revenue target. Operating margin climbed to a record 67% and free cash flow reached $10.3B, while the VMware software segment guided for 31% revenue growth and a 79% margin. The results underscore strong data-center demand and pricing power for Broadcom’s AI chips and networking gear.

West African Resources Limited (WFRSF) reported FY2026 second-quarter results, delivering a record group gold production of just over 125,000 ounces from its Sanbrado and Kiaka gold operations in Burkina Faso. All-in sustaining costs (AISC) came in at $1,730 per ounce, below the company’s full-year guidance of $1,900 per ounce. The company said its annualized production run rate exceeded its 500,000-ounce target, while maintaining full-year production guidance of 430,000 to 490,000 ounces.

Super Micro Computer (SMCI) released preliminary fourth-quarter results showing gross margin of 15%–17%, close to twice its guidance, alongside more than $60 billion in new orders. The stock is valued at 11x forward non-GAAP P/E, 0.55x price-to-sales and 0.38 forward PEG, all well below peers. The company’s formal earnings release in August is expected to test whether software, liquid cooling and DCBBS can sustain double-digit margins.

Lam Research (LRCX) is set to report fiscal Q4 results on July 29, 2026, and the release is framed as a key leading indicator for IREN’s August performance. The article argues that LRCX sits three to four links upstream in IREN’s business chain, making its equipment orders and HBM/GPU capacity signals a direct gauge of underlying demand for AI compute infrastructure. The earnings report is expected to offer an early read on whether accelerators and high-bandwidth memory face overbuild risk, which could affect IREN’s valuation.

Golconda Gold (GGGOF) runs two producing gold mines and aims to double output within 2.5 years, while planning to spin off the Summit silver project in Q4 2026. The company’s $107 million market cap implies a steep discount to its projected net asset value of $375 million, equating to 0.3x P/NAV. Management expects operational upgrades, a self-funded expansion at Galaxy, and Summit’s silver ramp-up to support earnings and cash-flow growth.

Applied Optoelectronics (AAOI) has been given a “Sell” rating, citing ongoing losses, significant shareholder dilution and a gross margin that has remained stuck around 30%. While AI-driven hyperscale data center orders have lifted revenue sharply, the quality of earnings has not improved. Risks tied to customer concentration—such as Amazon—and technology shifts, alongside an unsupported valuation, are seen as creating meaningful downside.

IBM released preliminary Q2 2026 results showing revenue up just 1% year over year, with Infrastructure down 7% and Consulting flat. The company also cut its full-year revenue guidance. The stock fell more than 20% in a single session to a multi-year low. The article argues that while valuation reflects bearish expectations, IBM’s AI strategy, $4.8B in year-to-date free cash flow and ongoing dividend capacity support longer-term confidence, with Q3 guidance the key watch point.